How to protect your business from CARES Act-related fraud - Business Insider

Hackers are committing CARES Act-related fraud by gathering business information into cheap data packages available for purchase.

Be extra vigilant, hire someone focused on fraud protection, update work-from-home firewalls, and avoid phishing scams. "We've noticed a real surge in these types of offerings on the darknet and underground as a result of the SBA program," Minder told Business Insider. "Threat actors aren't stupid — they know that there's a volume problem [with the CARES loans], and in the volume problem there's an opportunity for fraud that will get lost in the mix.

Preber said that the federal loan program is "equivalent to firefighters dosing a fire with water, and if we're not paying attention to the fraud risks, this large amount of money created in this environment, this water's going to cause as much damage as the fire."Business owners are one potential victim of fraud in the PPP loan environment. Banks are also losing out in this process, as is the government.

"People are desperate, and this is just not on the government's radar screen right now, because the government is traditionally very slow to figure these things out — but it won't always be," Hartman said. "The government isn't going to be able to prosecute on everything, but they will eventually go after at least the high-dollar cases.

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